Mnuchin Says Pot Banking Guidance Intact Until Replacement

Law360 (February 6, 2018, 3:41 PM EST) -- U.S. Treasury Secretary Steven Mnuchin on Tuesday said he does not want to withdraw guidance allowing banks to serve marijuana businesses without having a replacement in place, despite a reversal of Obama-era Justice Department policies easing enforcement of federal marijuana laws in states where the drug is legal.

Appearing before the House Financial Services Committee, Mnuchin said that in the wake of Attorney General Jeff Sessions’s January decision to rescind Obama-era guidance on the treatment of legal marijuana, the Treasury Department is currently reviewing guidance issued by the...